combined with the steep depreciation of the ruble and increased geopolitical tensions, weighed on Georgia's economic performance ( see CAUCASUS: Russia turmoil, oil price have mixed effects - January 26, 2015 ). One of the main channels through which Georgia was affected was remittance flows, which account for around 9% of GDP and are an important component of household spending. Net remittances fell by 5.5% in 2014, to 1.2 billion dollars.